OXFORD, Conn. (AP) — Improved demand for its bearings by manufacturers and the military pushed RBC Bearings Inc.'s fiscal third-quarter profit 41 percent higher, the company said Thursday.
Adjusted results, however, missed Wall Street expectations and shares slipped lower.
The Oxford, Conn., company said net income rose to $7.4 million, or 33 cents per share, from $5.2 million, or 24 cents per share the year before.
The results include one-time expansion, moving and restructuring costs and foreign exchange losses and gains. Excluding those items, the company reported adjusted net income of $8.1 million, or 37 cents per share, up from $5.6 million, or 26 cents per share, a year ago.
Analysts surveyed by FactSet expected 41 cents.
Sales rose 20 percent to $81.3 million from $67.5 million.
Sales to industry rose 44 percent. Aerospace and defense business sales rose 2.6 percent.
"Sales to the industrial markets remain robust and we are encouraged to see our aerospace and defense markets return to growth in the quarter," said CEO Michael J. Hartnett.
Shares tumbled $2.15, or 5.6 percent, to $36.43 in afternoon trading.